Eric Schiffer: 99 Cents only store is a chain retailer stores based in California
99 Cents only stores offer various types of products in its stores. This store was founded by David Gold in 1982. These stores will offer products at a very low price such as $0.9999. Most of these stores are situated in the southern part of California while some other stores are located in Texas, Nevada as well as in Arizona. Eric Schiffer is the CEO as well as director of 99 cents only stores.
The main idea of selling of wines came into the mind of David Gold in his liquor store only. After some time David Gold has opened a big store for selling these bargains. 99 cents only stores also operate bargain wholesale which will sell the wholesale products from all the showrooms situated in Los Angeles, Chicago as well as in Houston. For getting more publicity David Gold had sold the television for 99 cents on the first day. This is a very common practice which is being maintained today by any brand new 99 cents only store too. Till today any brand new store on its opening will sell their high priced item for 99 cents for the first nine customers based on first come first serve basis and this practice has been in continuation for many years. There are some other limited products as well which are sold to the next new 90 customers on the same price. There are 271 locations meant for 99 cents only stores. This store advertises to be accessible on all days in a week and even provides some discounted offers on various products holidays too. This company also operates a basic information technology operation. The company had already celebrated its 99th birthday publicly.
Andreas Gursky’s Diptych of Hollywood clicked some wonderful pictures of 99 cents only store in February 2007. In this way the photographs of this store will become an expensive one to be sold at the auction nearly for $3.3 million. The prices of different products became more flexible in October 2007 when most of the products of these stores were being sold at a lower price than 99 cents such as 69 or 49 cents. By such an act, the management believed that the sale will rise as it will attract more and more customers. In September 2008, the company raised its high priced items from 99 cents to 99.99 cents. This was considered to be the first ever rise in the past records of any franchisee. The CEO of the company Eric Schiffer believes it to be a strategic marketing method.
